The ongoing probe into the Livedoor group cast shadows Friday on executive appointments at three of its firms.
In Takamatsu, Kagawa Prefecture, Cecile Co. said Friday that Livedoor Marketing Co. President Fumito Okamoto, 38, who was to assume the presidency of the mail-order firm the same day, had declined the post. Okamoto stated his intentions earlier in the day, citing "personal reasons," it said.
No concrete evidence of wrongdoing by Livedoor has been presented yet, but the allegations and highly publicized raid on the firm have roiled the financial markets.
Okamoto is one of the key figures in the alleged securities trading violations leveled against the Livedoor group, and may soon be questioned by prosecutors.
Cecile held an extraordinary stockholders' meeting in the morning at which it approved a plan to form a new board of nine directors. Six hail from the Livedoor group, but none attended the meeting.
Shareholders also approved a management proposal to issue equity warrants to Livedoor Marketing. Later in the day, the new board agreed to appoint Livedoor Communications Co. President Sota Satani, 49, as Cecile's next president.
Livedoor Marketing took over Cecile and made it a subsidiary last November.
Meanwhile, Tokyo-based condominium dealer Dynacity Corp., another Livedoor company, is reconsidering plans to make Livedoor Director Ryoji Miyauchi president, sources said Friday.
A third group firm, Media EXchange Inc., is also reviewing plans to accept a board member from Livedoor.